Bitcoin Forum

Hello guys, since you can make loan on buying any tech and etc things, is it possible to buy antminers officially from Bitmain with bank's loan?
I don't mean direct loan from bank, I mean loan you make when buying smartphones for example.
Also if this is possible, can we took loans online and which banks (your local) offers that? What are bank's terms? (interest %, period of loan).

Not exactly sure what you mean by smartphone loans, but banks offer personal loans all the time. You'll probably look at 7% interest on that, and maybe get a 4-5 term. All the different banks have a ton of different offers, but I think the key would be somehow securing that the equipment could be used for several years and making sure that you have an overall monthly positive amount. It'd be difficult to find that's for sure, especially for a meaningful amount in loaned money.

You may ,you may not.Don't consider Miners any different from the other white goods you buy on a loan.There is no absolute answer for your question,it all depends on your country of residence,bank policies and or the economical conditions.
If you have a valid collateral,you can request a loan on bitcointalk.However possibility of getting your loan funded on bitcointalk is rare.

I don't know why you would want to borrow a loan for an antminer.. I'd strongly advise you not to do so. Being liable is the last thing you would want. Because these antminer/s would give you the return in like I don't know how many months. So I'd seriously ask you to stay away from loans. Figure out some other way for buying an antminer.
Are you looking for a loan loan or an EMI?

When we do talk about loan on bitcointalk for the sake of purchasing antminers then most likely no one would really agree to this reason unless if you do have a acceptable valuable collateral then it might be considered but i dont see that someone would really grant this kind of request.

When it comes to bank loans, we can make personal loans which it isnt really necessary for us to put up on where those funds would be used as long you agree to their terms and interest rates then i dont see any problem on here.

Well if you are talking about paying with rates and getting a loan from the bank to do that I don't know why it shouldn't be done to buy a miner from bitmain themselves.

You just take the loan from the bank and choose a payment plan , time and interest and number of rates to pay with your bank and that is it. When you take the loan you take full amount, when you pay it, you pay with monthly payments usually.

Here in my country if you are living only in bitcoin or your source of earnings are from bitcoin and you don't have a local job it's impossible to get loan from the bank that you can use for mining business or buy miner from bitmain.

However, if you are contracted worker in your country banks could give loan and I think bitmain wouldn't accept loans unlike in smartphone that you can take a loan.

Much better to save your money in bitcoin and wait for a long time to make a profit that you can use for buying antminer or save your money until you can buy antminer and slowly buy them one by one.

I think what you mean isn't a loan, but rather financing your antminer purchase by installments?

I'm not aware of Bitmain or any other mining companies offering financing plans on the terms of pay by installment. The reason is probably that it's way too hard to verify the legitimacy of whoever is taking out these financing plans, and it could end up with serious losses for the retailer.

If you don't have the money and you want to buy antminers or whatnot, you'll probably have to either get a cash advance from your credit card/small loan company, or take out a loan in bitcoin on the forum or elsewhere.

But as pugman mentioned, it's a bad idea to get yourself into debt for something that you expect future returns from.

Imagine you get 20 antminer and bank payed for that. You have to pay in 5 year (item's cost + 15% =115% totally for example or inworst situation yearly 7%). Now see the ROI of antminers. You can start mining and pay monthly, there is no doubt it will cover costs, it may pay 2-3 months money in one month. So you'll cover loan and get miners + will be able to continue mining and profit for yourself.
Yes I know I talk easily now but otherwise it would be boring. I also know I have to consider risk factors and etc many things.
And thanks magneto, yes, I mean boughts on instalments.

What people here consider to be boring, is actually what helps them move forward in life based on a healthy risk reward ratio. Instead of paying to cover your debt in (monthly?) installments, use that free capital to buy every month a certain amount of Bitcoin with, especially so at the levels we are hovering over right now. Long term speaking, your returns won't only be significantly higher than what these miners potentially can offer you, but you also achieve that without exposing yourself to unnecessary debt. It's all up to you in the end -- we can only provide you with advice, and that's exactly what you got here, but it's you that needs to pull the trigger on what you will be doing. Debt is the worst thing you can expose yourself to, never forget that.

I agree with richardsNY. Buying any mining equipment with loans is just too risky.

Yeah you don't know what would happen in like 5 years. Think about it,if you're going to mine bitcoin(I'd assume) ,with the increasing mining difficulty,you can never be sure on your returns. Like you said,you have a lot of factors to consider:

• A cooling system (because for 20 antminers,it would be better.)
• A place for your mining rig,which won't affect your everyday work.
• An insurance policy for your miners?
• Your return can significantly vary,think about backup plans to pay off your months installments.

There are so many more,ask from an experienced miner for help.

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You know EMI(Estimated Monthly Installments) means the same :-[.